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Mining boom ends, as does regional real estate boom in Australia.


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2015 Feb 7, 11:47am   822 views  0 comments

by AussieGothamite   ➕follow (0)   💰tip   ignore  

http://www.abc.net.au/news/2015-02-07/house-passed-in-at-auction-after-million-dollar-price-dive/6077724

A house in the mining town of Port Hedland has been passed in at auction for $360,000 after it was bought four years ago for $1.3 million. The three-bedroom, one-bathroom fibro and iron house was built in the Western Australian town in the 1960s. Real estate agent Barry Walsh said it was a sign the mining boom's construction phase, which drove property prices to unrealistic levels, had tapered off. He said prices were also very high during that phase because there was a high demand for accommodation and a lack of available land to build property on. Mr Walsh said...

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